America Without Student Debt Would Create A Million Jobs
Picture the United States without student debt. It’s a country with a larger, more vibrant economy than the one we have today. It’s a country where more than a million people, including many people who never went to college, have jobs they would not otherwise have.
A new report from Bard College’s Levy Economics Institute concludes that this bold idea – canceling all outstanding student debt – would help the entire economy and create more than a million jobs.
To those who say we can’t afford to cancel this debt, the report poses a new and different question: Can we afford not to?
Cancel and Grow
Using widely-accepted economic tools, the report’s authors – Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum – canceling all student debt this country would create between 1.2 and 1.5 million new jobs. It would also increase the nation’s GDP by $86 billion to $108 billion per year over the next ten years.
It makes sense. More than 44 million Americans now owe nearly $1.5 trillion in student debt, and the numbers continue to grow. Individual students are graduating with levels of debt that were unknown (and are often unimaginable) to people of earlier generations. This indebtedness affects their friends, their families, their communities, and our nation.
The Millennial Poor